Vodafone draws a line under Indian experiment with $1.2bn towers sale

 
Oliver Gill
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Vodafone invested $20bn into its Indian operations (Source: Getty)

Vodafone has agreed to sell its Indian mast and towers business in a deal worth $1.2bn (£900m), it was announced this morning.

American Tower will buy joint venture ATC Telecom Infrastructure.

Vodafone will net $592m from the deal with Indian partner Idea Cellular receiving $615m.

The infrastructure sale will help Vodafone to draw a line under its troubled investment in India. It merged its loss-making Indian mobile business with Idea, India’s third-largest wireless operator, at the start of the year.

Read more: Heated competition in India is set to hit Vodafone with a €4.9bn loss

Last year Vodafone made a painful $5bn addition to its original $20bn investment in India. The Idea merger followed a failed attempt to list Vodafone’s Indian firm.

ATC Telecom is a network of 20,000 towers across India.

The deal is subject to regulatory sign-off and is expected to complete in the first half of 2018.

Morgan Stanley advised Vodafone with legal support provided by S&R Associates and Slaughter and May.

Read more: Vodafone's Indian arm announces mega-merger with Idea Cellular

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